Last checked at 20 Aug 2019 07:00
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
20 August 2019
KINGSWOOD HOLDINGS LIMITED
("Kingswood", the "Company" or the "Group")
Director/PDMR Holdings,
Trading and Corporate Update
Director/PDMR Holdings
The PDMR tables below reflect the position following Kingswood's decision to drawdown the remaining £3.15 million available for drawdown under its existing convertible term loan facility with KPI (Nominees) Limited ("KPI") (the "Drawdown"). KPI is owned by Kingswood Property Finance Limited Partnership, a private investment partnership wholly owned by Gary Wilder, CEO and Jonathan Massing, Non-Executive Deputy Chairman of the Group.
The Drawdown will provide the Company with the additional funds to enable it to satisfy upcoming investment obligations and for general working capital purposes.
Trading Update
The Board confirms FY19 trading remains in line with management's expectations, with restructuring now largely complete and the Group positioned for a strong second half of the year.
Corporate Update
The Company also provides the following corporate update further to the announcement made on 25 June 2019.
The Board confirms that the potential provider of substantial permanent growth capital has now concluded due diligence and is in advanced negotiations with the Company in relation to the terms of a proposed investment in the Company. The investment would be subject to applicable regulatory and shareholder approvals and, if finalised and approved, allow the Company to pursue its pipeline of potential acquisition opportunities. The Company expects to provide a further update in the near future.
1. | Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") | |||||
a) | Name | Jonathan Massing | ||||
2. | Reason for the notification | |||||
a) | Position / status | Non-Executive Deputy Chairman | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Kingswood Holdings Limited | ||||
b) | Legal Entity Identifier | 213800DX97OROHY26686 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary shares of 5 pence each in the Company GG00BKY4K072 | ||||
b) | Nature of the transaction | Conversion rights into ordinary shares of 5 pence in the Company, in relation to the existing convertible facility. The Company and KPI each have the right to convert funds drawn into ordinary shares at the conversion price of the lower of:- (a) 16.5 pence; and (b) the average mid-market closing price of the Company's ordinary shares for the 20 Business Days prior to the date on which the Conversion Notice is served. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Aggregated price |
As above
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e) | Date of the transaction(s) | 19 August 2019 | ||||
f) | Place of the transaction | Outside of trading venue | ||||
1. | Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") | |||||
a) | Name | Gary Wilder | ||||
2. | Reason for the notification | |||||
a) | Position / status | CEO | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Kingswood Holdings Limited | ||||
b) | Legal Entity Identifier | 213800DX97OROHY26686 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary shares of 5 pence each in the Company GG00BKY4K072 | ||||
b) | Nature of the transaction | Conversion rights into ordinary shares of 5 pence in the Company, in relation to the existing convertible facility. The Company and KPI each have the right to convert funds drawn into ordinary shares at the conversion price of the lower of:- (a) 16.5 pence; and (b) the average mid-market closing price of the Company's ordinary shares for the 20 Business Days prior to the date on which the Conversion Notice is served. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Aggregated price |
As above
| ||||
e) | Date of the transaction(s) | 19 August 2019 | ||||
f) | Place of the transaction | Outside of trading venue | ||||
For further details, please contact:
Kingswood Holdings Limited | +44 (0)20 7293 0730 |
Gary Wilder / Patrick Goulding | www.kingswood-group.com |
finnCap Ltd (Nomad and Broker) | +44 (0)20 7220 0500 |
Scott Mathieson / Anthony Adams - Corporate Finance Tim Redfern / Richard Chambers - ECM | |
Greentarget (for media) Jamie Brownlee / Alice Gasson / Ellie Basle | +44 (0)20 7324 5498 Jamie.Brownlee@greentarget.co.uk |